Jun 20 2009
GREEN LAKE – The Big Hole Mystery
One of Seattle’s most desirable neighborhoods, Green Lake is also a perfect mirror of the real estate times. Anyone who has been living in the area, or heading over to work out on the 2.8 mile paved loop around the lake can’t have helped but notice buildings going up, and BIG holes being dug down.
The biggest question mark right now is, of course, what’s up with the city-block-size hole at the corner of Woodlawn Ave. NE and NE 71st St. – the site of the old Vitamilk Dairy complex? Vitamilk (a family run business that operated from 1940-2003) still owns the three-acre site, which will be developed by Lorig Associates into a mixed-use property named Park 71.
Included in the grand plan: a three-story complex with underground parking, a major anchor tenant (such as a high-end grocery business), and additional 60,000 square feet of retail space, and living space that will include up to 280 apartments. Landscaped open space, restaurants and other businesses, and studio, one- and two-bedroom apartments units will make for a great addition to the neighborhood.
With the slowdown of the past eight months, the project was put on pause until an anchor tenant could be secured. Recently, interest among potential tenants has rekindled significantly and Lorig is optimistic that development will proceed before long. The former Vitamilk owners will retain ownership of the site and plan to personally lease the retail and living spaces.
It will be exciting to watch the big dig fill in.
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